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This post is just about one single chart, which is the 15-minute bar chart for the /RTY (Russell 2000 small cap) futures.

Going back to last Wednesday, we’ve got five distinct events to keep in mind:

• The green oval demonstrates how, right on the heels on the chilly CPI report, the /RTY spiked to the base of the bearish setup before its swift retreat;
• The first red circle displays the comparatively feeble pop that was made following the equally chilly PPI report;
• The second red circle illustrates the relief rally that occurred based on the belief that the situation in Iran seemed to settle down;
• The third red circle shows the post-FOMC pop in which the /RTY absolutely perfectly tagged the Fibonacci at 2150;
• The fourth and final red circle presents the recent rally in which Trump, as always, totally caved and said he’d wait a full two weeks to figure out what to do about Iran.

My point here is that it’s crystal clear the Fibonacci at 2150 is massively important. Four consecutive times, the bulls had every good reason to blast the /RTY into the stratosphere, and in each instance, it was slapped back down beneath the Fib.

This level is key. I’m quite weary of these attempts to beat it and, frankly, I hope we’re done.

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